Motilal Oswal IPO Not Approved From SEBI-RTI ..... Rs 260 Cr SCAM FRAUD BY MOTILAL OSWAL GROUP IN 2007..SEBI IS SILENT ON THIS SCAM

Mumbai : Motilal Oswal Financial service Limited Launched IPO on 11 Sept  2007 and listed at NSE and BSE exchanges. The NSE and BSE listed MOFS Limited IPO without SEBI approval . SEBI said that copy NOC is not information as per SEBI law as per section 2f of RTI act. As per company act and SEBI law  SEBI permission is mandatory for IPO. 

Complainant filed the complaint before the SEBI scores website . The MOFS replied that they filed Draft with SEBI and SEBI given observation letters with objections to comply. The MOFS limited has submitted the reply to SEBI but SEBI officer has not given any written certificate that all the objections has been removed by MOFS . So in writing SEBI has not given any NOC for IPO. So without SEBI compliance certificate NSE and BSE listed Rs 246 cr IPO . MOFS received this interest free money from investors without SEBI Permission which is corruption. SEBI officers put objections on Sahara IPO because Sahara may have denied to bribe for IPO and later Sahara landed in jail for this crime . If SEBI officers are bribed then verbal NOC is fine to go ahead . 

If SEBI will not give written NOC or permission for IPO then how it will protect the interest of investors? SEBI has to direct MOFS to return investors money with 15% interest PA and SEBI to impose penalty ie 3 times of profit earned by this IPO money on MOFS as per section 15 HA of SEBI act 1992.

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• Complaint History

Complaint History : SEBIE/MH25/THAN/048889/1

Sr. No.	Action	Remarks	Supporting File	Date	Action Taken by	Auto Assigned to
1	Complaint Lodged	Please refer to complaint details above --		28-11-2025	Sapan Shrivastava
2	Auto Assigned To Entity	--		28-11-2025	Sapan Shrivastava	Motilal Oswal Financial Services Ltd
3	Copy Mark to Designated Body	--		28-11-2025	Sapan Shrivastava	Bhairavi Mankame (national Stock Exchange Of India Ltd.)
4	Seek Clarification by Designated Body to Investor	Dear sir, As per the attached SCORES FAQs, Complaints which are in the nature of market intelligence i.e., information given to SEBI regarding violation of any of the provisions of the securities laws. Such complaints can be lodged on httpsmiportal.sebi.gov.in. --	8183835 - 1	01-12-2025	National Stock Exchange Of India Ltd.	Sapan Shrivastava
5	Provide Clarification to Designated Body	Bhairavi Mankame national Stoc k Exchange Of India Ltd have less legal knowledge and also behaving corruptly. She dont have knowledge about SEBI and other laws under which IPO coming. It is violation of section 17 A of SCRA, ICDR SEBI regulations etc . She is knowingly favoring company to dispose this complaint . I will make her accuse in corruption complaint if no action is taken along with SEBI, NSE, BSE top officers . Direct company to provide SEBI NOC of Motilal IPO and NSE should also provide from its record. --		03-12-2025	Sapan Shrivastava	National Stock Exchange Of India Ltd.
6	Reminder 1	यह शिकायत 10 दिनों से लंबित है । कृपया इस शिकायत पर तत्काल कार्रवाई करें । Complaint pending for 10 days. You may take immediate action on the complaint, else the complaint will be escalated for review. --		08-12-2025	Sapan Shrivastava	Motilal Oswal Financial Services Ltd
7	Reminder 1	यह शिकायत 10 दिनों से लंबित है । कृपया इस शिकायत पर तत्काल कार्रवाई करें । Complaint pending for 10 days. You may take immediate action on the complaint, else the complaint will be escalated for review. --		08-12-2025	Sapan Shrivastava	Motilal Oswal Financial Services Ltd
8	Reminder 2	यह शिकायत 15 दिनों से लंबित है । यदि अगले 6 कैलेंडर दिनों के भीतर एटीआर प्रस्तुत न की गई, तो यह शिकायत समीक्षा स्तर पर चली जाएगी । Complaint pending for 15 days. The complaint will be taken up for review in case, the ATR is not submitted within next 6 calendar days --		13-12-2025	Sapan Shrivastava	Motilal Oswal Financial Services Ltd
9	ATR submitted to Investor	Dear Sir Madam, We clarify that under the regulatory framework applicable in 2007, namely the SEBI Disclosure and Investor Protection Guidelines, 2000 “SEBI DIP Guidelines”, public issues were undertaken through SEBI’s established process of review of the draft offer document and issuance of an Observation Letter. Upon incorporation of SEBI’s observations, the issuer was authorized to file the Prospectus with the Registrar of Companies and proceed with the IPO in accordance with applicable regulations. In this regard, as duly disclosed in the Company’s Prospectus dated August 30, 2007, under the section titled “Material Documents for Inspection”, the following were received • SEBI Observation Letter No. CFDDILNBJAK991152007 dated July 19, 2007, and • The Company’s reply dated August 6, 2007. This confirms that SEBI had reviewed the draft offer document in accordance with the prescribed process. Further, the Company had obtained in-principle listing approvals from both BSE Limited “BSE” and the National Stock Exchange of India Limited “NSE”, as required under the applicable procedures. It is respectfully submitted that final listing and trading approvals from the stock exchanges are granted only after SEBI has completed its review of the DRHP, issued its Observation Letter, and after the final Prospectus is filed with the Registrar of Companies. The Company’s equity shares were duly listed and admitted to trading on both BSE and NSE, which itself confirms that SEBI’s observations had been issued and that the entire regulatory process had been duly complied with. Kindly refer to the listing approval records of BSE and NSE for confirmation. Accordingly, the IPO was undertaken strictly in accordance with the SEBI DIP Guidelines, and all regulatory requirements applicable at the time were duly fulfilled. The concept of a separate “NOC” was not prevailing at that point of time, and therefore no such document is available or required. --	8274575 - 1

Section 2(f) in The Right to Information Act, 2005

(f)information means any material in any form, including records, documents, memos, e-mails, opinions, advices, press releases, circulars, orders, logbooks, contracts, reports, papers, samples, models, data material held in any electronic form and information relating to any private body which can be accessed by a public authority under any other law for the time being in force;

Final Status of   SEBIH/R/E/25/01544

Applicant Name	Sapan Shrivastava
Date of receipt	27/11/2025
Request Filed With	Securities and Exchange Board of India (SEBI), Head Office
Text of Application	Motilal Oswal Financial Services Ltd ie MOFSL share listed at BSE and NSE on 11 Sept 2007 as per BSE Website RTI Question 1. Copy of SEBI NOC or Permission or Any issued to Motilal Oswal Financial Services Ltd Share IPO 2. Copy Of Lenders NOC to MOFSL IPO . 3. Copy of SEBI Observation letter issued to MOFSL IPO.
Request document (if any)
Status	REQUEST DISPOSED OF as on 23/12/2025
Date of Action	23/12/2025
Remarks	Reply :- Reply Attached
Reply Document